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Guess said on Wednesday it has agreed to be taken private by a group, including its co-founders, CEO and Reebok-owner Authentic Brands, in a deal valuing the designer apparel brand at $1.4 billion, including debt.

As part of the transaction, co-founders Maurice Marciano and Paul Marciano, and CEO Carlos Alberini have partnered with Authentic Brands, which will acquire 51% of all Guess' intellectual property. Guess' existing shareholders will own the rest.

Guess shareholders will receive $16.75 per share in cash, representing a 26% premium to Tuesday's close.

Its shares jumped nearly 26% at $16.77 in early trading. They have lost about 38% over the last 12 months amid tough competition for consumer dollars a

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